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Rank’s financial results

Rank Group, an iGaming British Gambling giant revealed in their interim financial results for the previous 42 weeks that their like-for-like revenues have risen by 3% over last year. This result was helped by a strong performance in their mobile and online iGaming operations.

Ranks is the firm behind MeccaBingo.com, an iGaming Bingo domain, Grosvenor Casinos as well as BluSq.com, an iGaming virtual sportsbook. Rank Interactive, Rank’s subsidiary revealed that their revenues increased by 23% on a like for like basis when compared to last year.

According to Rank, the mobile gaming now accounts for 6% of revenues for Rank Interactive and it is almost treble the figure for the same period twelve months ago.

The accounting reference date for the financial year has been changed by Rank from December 31 to June 30 in order to comply with new majority shareholder Guoco Group Limited. Now, because of this change, the unaudited interim results for the six and twelve-month periods to December 31 will now be published up until February 29 and the audited financial statements for the 18-months that ends in June 30 will be released on October 31.

Rank stated that “there was strong growth from online and mobile gaming but continued weakness from our operations in Spain.”

“Grosvenor Casinos sustained growth in customer visits but a lower win margin in its London venues held back revenue growth. In Mecca Bingo, like-for-like revenue was in-line with the comparable period last year.”

“The board is encouraged by the increasing popularity of the group’s UK brands with operational improvements driving growth in customers across Grosvenor Casinos and Mecca Bingo.”

“While the outlook for the UK consumer in 2012 seems likely to be more challenging, Rank is in a strong financial position, possesses market-leading brands with multi-channel distribution and has a clear strategy for sustained long-term growth.”

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